If you`ve made all the fundamental decisions, a condominium agreement is a great way to make everything official. This covers all the basics of who pays the bills, who can live in the house, and how a homeowner sells their share in case of separation. Dewar says the most important advice he can give these buyers is to make sure the agreement is written in and that it is made before buying a property. Jill Lloyd, Rondebosch and Claremont Area Expert for Lew Geffen Sotheby`s International Realty, believes this is a great way to do this – and boost the housing market – but says it`s important to ensure there is a legal agreement between buyers before buying. Every relationship is riddled with difficulties and if they are dealt with, then the partnership is likely to continue, but if it is not, it could lead to dissolution. There are two different ways to own a home with someone you`re not married to: “joint tenants” and “joint tenants.” “Co-tenant” means that you both have equal rights to the entire property, and if you die, your half of the property automatically goes to the other person. Lloyd says that while this form of buying and owning has many compelling advantages, it must be taken into account that there will almost certainly be a day when the property will be sold, perhaps not always under positive circumstances. “It will be much more difficult without an existing agreement – and establishing a posteriori is not an easy task,” he explains. It is important that you first find out what your priorities are when buying real estate so that you no longer collide on the line. Think about what your must-haves are, what allows you to compromise and what is a resounding “no” to you.
“Common tenant” means that you can own different shares of the property and leave your share in your will to someone else. This is a good option if you have contributed different amounts for the deposit, as this leads to a fairer deal. Whether you are trading through LTC, Trading Trust, General Partnership, Limited Partnership, ordinary company or joint venture… The story is the same and the arguments that appear are similar….